2022-04-14T14:20:53-05:00 2021-05-31 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2020-06-01 042105776 ASSUMPTION UNIVERSITY ASSU 5087677000 500 SALISBURY STREET WORCESTER MA 016091296 PETER WELLS TREASURER, VP FINANCE & ADMIN. 5087677000 2022-04-14 1 PETER WELLS 999009999 LYNNE JOHNSON P00757336 6179129000 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z FRANCESCO CESAREO 500 SALISBURY STREET WORCESTER MA 016091296 167571582 0 X WWW.ASSUMPTION.EDU X 1904 MA HIGHER EDUCATION OF MEN AND WOMEN. ASSUMPTION UNIVERSITY STRIVES TO FORM GRADUATES KNOWN FOR CRITICAL INTELLIGENCE, THOUGHTFUL CITIZENSHIP AND COMPASSIONATE SERVICE. 28 27 1115 100 45900 38400 8762798 18060355 102376348 101000846 4055458 26809649 1485109 1174340 116679713 147045190 47313793 54038284 0 0 38566903 38412095 9606 1856 1485460 28509168 28645250 114399470 121097485 2280243 25947705 240513543 264318471 63670568 60755414 176842975 203563057 X ASSUMPTION UNIVERSITY, IS A COMPREHENSIVE, CATHOLIC LIBERAL ARTS INSTITUTION SPONSORED BY THE AUGUSTINIANS OF THE ASSUMPTION. WE AWAKEN IN STUDENTS A SENSE OF WONDER, DISCOVERY, AND PURPOSE, FORMING GRADUATES KNOWN FOR THEIR INTELLECTUAL SERIOUSNESS, THOUGHTFUL CITIZENSHIP, AND DEVOTION TO THE COMMON GOOD. OUR CURRICULAR AND CO-CURRICULAR PROGRAMS PROVIDE STUDENTS WITH AN EDUCATION THAT SHAPES THEIR SOULS, FORMS THEM INTELLECTUALLY, AND PREPARES THEM FOR MEANINGFUL CAREERS. WE ARE A DIVERSE COMMUNITY THAT WELCOMES DIFFERENT POINTS OF VIEW AND EMBRACES ALL WHO SHARE OUR MISSION. ENLIVENED BY THE CATHOLIC AFFIRMATION OF THE HARMONY OF FAITH AND REASON, AND BY THE PURSUIT OF THE TRUTH IN THE COMPANY OF FRIENDS, AN ASSUMPTION EDUCATION TRANSFORMS THE MIND AND HEARTS OF STUDENTS. 0 0 97190689 54038284 92078794 HIGHER EDUCATION TUITION: PROVIDES COLLEGE DEGREE PROGRAMS AT THE UNDERGRADUATE AND GRADUATE LEVEL. THE UNIVERSITY AWARDED 470 UNDERGRADUATE DEGREES TO 395 RECIPIENTS, 184 GRADUATE DEGREES AND 32 CONTINUING AND PROFESSIONAL EDUCATION DEGREES AT COMMENCEMENT. 10309859 6076555 AUX. ENTERPRISES: PROVIDE ON CAMPUS HOUSING TO APPROXIMATELY 1,800 STUDENTS. 6318965 3973937 AUX. ENTERPRISES: PROVIDE BOARD, BOOKS, ETC. TO APPROXIMATELY 2,000 STUDENTS. 113819513 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 102 0 1 1115 1 1 1 1 IT 0 0 0 1 1 0 0 0 0 0 0 X 28 27 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X PETER WELLS 5087677350 500 SALISBURY STREET WORCESTER MA 016091296 FRANCESCO CESAREO PRESIDENT 40.00 X X 548773 0 134977 FRANCIS BEDARD TRUSTEE 2.00 X 0 0 0 SUZANNE BESNIA TRUSTEE 2.00 X 0 0 0 RICHARD BURKE JR TRUSTEE 2.00 X 0 0 0 CARL CAFARO TRUSTEE 2.00 X 0 0 0 REV ALEX A CASTRO TRUSTEE 2.00 X 0 0 0 MAJOR GENERAL RETIRED ROBERT G CATALANOTTI, TRUSTEE 2.00 X 0 0 0 RICHARD CATRAMBONE TRUSTEE 2.00 X 0 0 0 CAROLYN M CLANCY TRUSTEE 2.00 X 0 0 0 MATTHEW DOYLE TRUSTEE (UNTIL 5/31/21) 2.00 X 0 0 0 REV JOHN FRANCK TRUSTEE 2.00 X 0 0 0 REV DENNIS GALLAGHER TRUSTEE 2.00 X 0 0 0 ROBERT GRAY JR TRUSTEE 2.00 X 0 0 0 DR MICHAEL KELLY TRUSTEE 2.00 X 0 0 0 ALISON C KENARY TRUSTEE 2.00 X 0 0 0 JAMES KRUKONES TRUSTEE 2.00 X 0 0 0 REV VINCENT LECLERCQ TRUSTEE 2.00 X 0 0 0 HARRIS MACNEILL TRUSTEE 2.00 X 0 0 0 CHRISTINE CANNON MARCKS TRUSTEE 2.00 X 0 0 0 LILLIAM MILLER TRUSTEE 2.00 X 0 0 0 REV MARCEL POIRIER TRUSTEE 2.00 X 0 0 0 REV PETER PRECOURT TRUSTEE 2.00 X 0 0 0 REV EDWARD SHATOV TRUSTEE 2.00 X 0 0 0 DR STEPHEN SKOLY JR TRUSTEE 2.00 X 0 0 0 MICHAEL D SLEEPER TRUSTEE 2.00 X 0 0 0 JOSEPH SPILLANE TRUSTEE 2.00 X 0 0 0 SR CLARE TERESA TJADER TRUSTEE 2.00 X 0 0 0 ANDREW VIENS TRUSTEE 2.00 X 0 0 0 JON WEAVER TRUSTEE 2.00 X 0 0 0 TIMOTHY STANTON VP OF INSTITUTIONAL ADVANCEMENT 40.00 X 231179 0 66641 ROBERT MIRABILE VP OF ENROLLMENT MANAGEMENT 40.00 X 203218 0 43041 PETER WELLS TREASURER, VP FINANCE & ADMIN 40.00 X 187833 0 41635 DEBORAH CADY MELZER VP OF STUDENT AFFAIRS (FROM 1/6/20) 40.00 X 166736 0 49656 GREGORY WEINER VICE PRESIDENT/PROVOST 40.00 X 174055 0 40375 CONWAY CAMPBELL VICE PRESIDENT OF STUDENT SUCCESS 40.00 X 121138 0 37053 MICHAEL RUBINO SECRETARY TO THE BOARD 28.00 X 84055 0 33137 MICHAEL GUILFOYLE EXECUTIVE DIRECTOR 40.00 X 154802 0 12436 JAMES BENESTAD PROFESSOR 40.00 X 229140 0 15632 RAYMOND ALBERT DIRECTOR 40.00 X 188166 0 25015 PAUL ADY ASSOCIATE PROFESSOR 40.00 X 179558 0 19905 KEVIN CARLIN ASSOCIATE PROFESSOR 40.00 X 169355 0 21255 WILLIAM KATCHER ASSOCIATE PROFESSOR 40.00 X 167189 0 6699 2805197 0 547457 40 0 1 0 LAURING CONSTRUCTION CO INC 23 BRIGHAM ROAD WORCESTER MA 01609 CONSTRUCTION 12322654 SODEXO PO BOX 360170 PITTSBURGH PA 152516170 DINING AND FACILITIES SERVICES 5927719 JJ BAFARO PO BOX 943 WORCESTER MA 016130943 MECHANICAL CONTRACTOR 507858 BOWDITCH & DEWEY 311 MAIN STREET WORCESTER MA 01615 LEGAL SERVICES 168476 RSM US LLP 515 PAYSPHERE CIRCLE CHICAGO IL 60674 ACCOUNTING & TAX SERVICES 128624 9 11750464 6309891 2462979 18060355 TUITION AND FEES 611310 92078794 92078794 AUXILIARY 611310 8922052 8876152 45900 101000846 2021148 2021148 45314893 20526392 24788501 24788501 24788501 ATHLETIC PROGRAMS 611310 519075 519075 EXTRACURRICULAR ACTIVITIES 611310 82586 82586 CHAPEL 611310 53438 53438 519241 519241 1174340 147045190 102129286 45900 26809649 54038284 54038284 1496492 934307 368234 193951 27705333 24304832 2810581 589920 1304054 1134527 116736 52791 5995169 5395652 438427 161090 1911047 1624389 235606 51052 9415356 9055591 359765 197590 197590 101587 101587 1856 1856 42436 36071 6365 872129 434388 303488 134253 1154419 1119449 3465 31505 801928 681639 88203 32086 3414225 2925769 296699 191757 1536176 1446310 59143 30723 57040 53581 3459 52203 52203 1079622 1016407 63215 4660630 4387734 272896 878250 843120 35130 COVID TESTING AND SUPPP 2179408 2179408 STUDENT EMERGENCY AID R 742516 742516 EVENTS 719587 705111 14476 STUDENT GOVERNMENT ASSO 420926 420926 319222 287299 31923 121097485 113819513 5792512 1485460 16963009 22705733 10972462 1376469 5308083 9983251 1195729 1029781 1270246 822013 1049376 1290018 186021985 78829017 102844521 107192968 86324641 102240455 13118841 15847908 1466635 1829875 240513543 264318471 6929663 5796141 6167200 7132493 39773521 37692340 10800184 10134440 63670568 60755414 X 133289919 149174621 43553056 54388436 176842975 203563057 240513543 264318471 X 25947705 772377 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1108996 X X 0 82904251 564179 22664982 998357 3343864 101791191 102942073 479172 3149005 5665999 18000000 82904251 108439232 716515 -1580936 4632738 102942073 102544361 483185 9290421 3878735 108439232 93937351 754562 10620974 2468526 300000 102544361 0.55000 0.28000 0.17000 0 0 2250548 2250548 161450247 67423794 94026453 20974381 11405223 9569158 1346809 1346809 107192968 PARTNERSHIP INVESTMENTS 15847908 F 15847908 ANNUITY OBIGATIONS 594379 LIABILITY UNDER INTEREST RATE SWAP AGREEMENTS 196094 ASSET RETIREMENT OBLIGATION 249312 REFUNDABLE GOVERNMENT STUDENT LOANS 1594655 PAYROLL PROTECTION PROGRAM LOAN 7500000 10134440 X 94521799 -52523391 -52523391 147045190 0 147045190 67801717 0 67801717 53295768 53295768 121097485 PART III, LINE 4: ST. JOHN'S BIBLE, FR. D'ALZON STATUE, SAINT AUGUSTINE STATUE AND STAIN GLASS WINDOWS ARE LOCATED ON CAMPUS AS PART OF OUR MISSION AS A CATHOLIC INSTITUTION. IN ADDITION, THERE IS A BOOK COLLECTION FROM FR. TAVARD IN THE UNIVERSITY'S LIBRARY. PART V, LINE 4: THE INTENDED USES OF THE UNIVERSTY'S ENDOWMENT FUNDS ARE FOR FINANCIAL ASSISTANCE AND SCHOLARSHIPS FOR STUDENTS ATTENDING THE UNIVERSITY, AND FOR ADDITIONAL FACILITIES AND FACULTY DEVELOPMENT. PART X, LINE 2: THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE UNIVERSITY QUALIFIES AS A TAX-EXEMPT, NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THERE IS NO PROVISION FOR FEDERAL OR STATE INCOME TAXES. THE UNIVERSITY RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE UNIVERSITY IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE. THE UNIVERSITY WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS -53,295,768. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 157,294. CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUST 363,240. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENT 251,843. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND SCHOLARSHIPS 53,295,768. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE NOTICE OF NON DISCRIMINATION POLICY IS MAILED TO EACH STUDENT. IN ADDITION NOTICES ARE POSTED ON CAMPUS BULLETIN BOARDS AND UNIVERSITY PORTAL SYSTEM. THE UNIVERSITY CATALOG ALSO CONTAINS THE COMPLETE POLICY. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY IS AWARDED FEDERALLY FUNDED AID TO DISBURSE TO QUALIFIED STUDENTS. THE UNIVERSITY RECEIVED FUNDING FROM THE FEDERAL GOVERNMENT THROUGH THREE GRANTS AS PART OF THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF). THE TOTAL AMOUNTS OF THE FIRST AND SECOND ROUNDS OF HEERF FUNDING WERE $1,485,031 AND $2,203,031, RESPECTIVELY. THE BARRIERS TO ENTITLEMENT FOR THE FIRST TWO HEERF GRANTS WERE MET DURING THE YEAR ENDED MAY 31, 2021 AND THE AMOUNTS ARE INCLUDED IN GRANT REVENUE ON THE STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS. THE UNIVERSITY DID NOT COMMIT TO PARTICIPATION IN THE THIRD ROUND OF HEERF FUNDING AS OF MAY 31, 2021, SO THE THIRD GRANT OF $3,944,408 WILL LIKELY BE RECOGNIZED AS REVENUE DURING THE YEAR ENDED MAY 31, 2022. EUROPE (INCLUDING ICELAND & GREENLAND) 1 1 PROGRAM SERVICES STUDY ABROAD CAMPUS AND PROGRAM 84304 CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 12047763 1 1 0 0 1 1 12132067 0 12132067 1 0 1 1 0 0 PART III ACCOUNTING METHOD: 1 INSTITUTIONAL & ENDOWED GRANTS/SCHOLARSHIPS 2145 49771317 BOOK CREDIT TO STUDENT ACCOUNTS PELL 420 1911652 SEOG 171 372489 MA AND OTHER STATE SCHOLARSHIPS 411 1022399 FEDERAL WORK STUDY 87 103951 DOE RC GRANT 12 113960 HEERF STUDENT AID 1055 742516 PART I, LINE 2: THE UNIVERSITY'S FINANCIAL AID OFFICE FOLLOWS ALL REGULATIONS WHEN AWARDING GRANTS AND SCHOLARSHIPS. STUDENT'S ELIGIBILITY IS REVIEWED EACH TERM TO ENSURE COMPLIANCE WITH AWARDING INSTITUTIONAL, FEDERAL AND STATE AID WITH POLICIES AND PROCEDURES. THE UNIVERSITY ALSO FILES ANNUAL STATE GRANT YEAR END REPORTING, FISAP AND IPEDS DATA. STUDENT ELIGIBILITY IS BASED ON THEIR PER TERM STANDING AND AID IS EVALUATED BASED ON THEIR ENROLLMENT. SCHEDULE I, PART III, LINE 7 THE UNIVERSITY PROVIDED DIRECT EMERGENCY AID TO ELIGIBLE STUDENTS FOR THEIR EXPENSES RELATED TO THE DISRUPTION OF CAMPUS OPERATIONS DUE TO CORONAVIRUS. $742,516 WAS FUNDED BY THE HIGHER EDUCATION EMERGENCY RELIEF FUND (HEERF) ESTABLISHED UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT). X X 1 1 X X X X 1 1 0 0 0 0 0 0 0 FRANCESCO CESAREO PRESIDENT 354506 0 0 0 194267 0 65500 0 69477 0 683750 0 138400 0 TIMOTHY STANTON VP OF INSTITUTIONAL ADVANCEMENT 225635 0 0 0 5544 0 19412 0 47229 0 297820 0 0 0 ROBERT MIRABILE VP OF ENROLLMENT MANAGEMENT 201958 0 0 0 1260 0 16800 0 26241 0 246259 0 0 0 JAMES BENESTAD PROFESSOR 76913 0 0 0 152227 0 7267 0 8365 0 244772 0 0 0 PETER WELLS TREASURER, VP FINANCE & ADMIN 185901 0 0 0 1932 0 15507 0 26128 0 229468 0 0 0 DEBORAH CADY MELZER VP OF STUDENT AFFAIRS (FROM 1/6/20) 165041 0 0 0 1695 0 13050 0 36606 0 216392 0 0 0 GREGORY WEINER VICE PRESIDENT/PROVOST 172206 0 0 0 1849 0 14400 0 25975 0 214430 0 0 0 RAYMOND ALBERT DIRECTOR 187392 0 0 0 774 0 15200 0 9815 0 213181 0 0 0 PAUL ADY ASSOCIATE PROFESSOR 59884 0 0 0 119674 0 5708 0 14197 0 199463 0 0 0 KEVIN CARLIN ASSOCIATE PROFESSOR 56088 0 0 0 113267 0 5404 0 15851 0 190610 0 0 0 WILLIAM KATCHER ASSOCIATE PROFESSOR 56788 0 0 0 110401 0 5238 0 1461 0 173888 0 0 0 MICHAEL GUILFOYLE EXECUTIVE DIRECTOR 154532 0 0 0 270 0 12363 0 73 0 167238 0 0 0 CONWAY CAMPBELL VICE PRESIDENT OF STUDENT SUCCESS 119841 0 0 0 1297 0 9533 0 27520 0 158191 0 0 0 PART I, LINE 1A THE UNIVERSITY PROVIDED ON-CAMPUS HOUSING TO FRANCESCO CESAREO, PRESIDENT, WHICH IS NOT TAXABLE PURSUANT TO SEC. 119. THE VALUE OF THE HOUSING IS INCLUDED ON FORM 990, PART VII, COLUMN F AND SCHEDULE J, PART II, COLUMN D. THE PRESIDENT AND TIMOTHY STANTON, VP, RECEIVED COUNTRY CLUB MEMBERSHIP DUES BENEFIT WHICH WERE TREATED AS NONTAXABLE. THEY ARE REPORTED ON FORM 990, PART VII, COLUMN F AND SCHEDULE J, PART II, COLUMN D. THE MEMBERSHIP IS A WORKING CONDITION FRINGE BENEFIT. THE UNIVERSITY HOLDS FUNDRAISERS AT THE COUNTRY CLUB AND THE PRESIDENT AND VP USE THE MEMBERSHIP FOR CULTIVATING DONORS AND CAPITAL CAMPAIGN RELATED FUNCTIONS. PART I, LINE 4A THE FOLLOWING INDIVIDUALS LEFT THEIR POSITIONS DURING THE YEAR AND RECEIVED SEVERANCE PAYMENTS REPORTED IN PART II, COLUMN (B)(III): PAUL ADY, ASSOCIATE PROFESSOR, RECIEVED $118,916 KEVIN CARLIN, ASSOCIATE PROFESSOR, RECEIVED $112,575 WILLIAM KATCHER, ASSISTANT PROFESSOR, RECEIVED $109,131 JAMES BENESTAD, PROFESSOR, RECEIVED $151,403 PART I, LINE 4B THE UNIVERSITY HAS ESTABLISHED A DEFERRED COMPENSATION PLAN UNDER SECTION 457(F) FOR THE PRESIDENT OF THE UNIVERSITY. THE UNIVERSITY SHALL CREDIT THE SECTION 457(F) PLAN EACH JANUARY 1ST DURING THE FIVE-YEAR TERM STARTING JULY 1, 2015. ALL ACCRUED DEFERRED COMPENSATION SHALL VEST AND BE PAYABLE ON THE EARLIEST OF DEATH, PERMANENT DISABILITY, TERMINATION WITHOUT CAUSE BY THE UNIVERSITY, RESIGNATION FOR GOOD REASON, OR COMPLETION OF THE INTIAL TERM OF THE ARRANGEMENT (JUNE 30, 2020). THE PRESIDENT OF THE UNIVERSITY RECEIVED A PAYMENT OF $188,723 FROM, A 457(F) PLAN REPORTED IN PART II, COLUMN (B)(III). THE UNIVERSITY HAS CONTRIBUTED $34,600 TO A SEC. 457F PLAN DURING FY21 FOR THE PRESIDENT, AND IT IS REPORTED IN PART II, COLUMN (C). A MA DEVELOPMENT FINANCE AGENCY 043431814 2012-08-01 28610000 REFUNDING 2002 ISSUE 0 0 0 B MA DEVELOPMENT FINANCE AGENCY 043431814 2014-06-06 9720000 REFUNDING 2000A ISSUE 0 0 0 C MA DEVELOPMENT FINANCE AGENCY 043431814 2016-09-30 32000000 CONSTRUCTION OF NEW BUILDING AND REDEEM A PORTION OD SERIES 2012 BONDS 0 0 0 A 27391692 28610000 297863 28312137 2002 1 0 1 1 B 4045000 9720000 75300 9644700 2000 1 0 1 1 C 1000000 32000000 138850 15000000 16861150 2018 1 0 1 1 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 1 1 MORGAN STANLEY 20.000000000000 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 1 A 1 B 1 C 1 X 48 2462979 FMV 0 0 0 0 PART I, COLUMN (B): THE NUMBER OF DONATED SECURITIES IS BASED ON THE NUMBER OF GIFTS RECEIVED. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT (VP OF FINANCE/TREASURER) REVIEWS THE FORM 990 FILING IN A DRAFT FORM AND THEN DISTRIBUTES TO THE BOARD OF TRUSTEES PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C DURING THE FALL OF EACH YEAR, THE SECRETARY OF THE BOARD MAILS TO ALL UNIVERSITY TRUSTEES AND OFFICERS A QUESTIONNAIRE ASKING THEM TO DISCLOSE ANY RELATED PARTY TRANSACTIONS WITH THE UNIVERSITY. A TOTAL OF SEVEN QUESTIONS ARE ASKED. THE MEMORANDUM EXPLAINS THE NECESSITY OF COMPLETING THE RELATED PARTY QUESTIONNAIRE AND EMPHASIZED THE FACT THAT THE UNIVERSITY EXPECTS A 100% RESPONSE. IN ADDITION TO THE QUESTIONNAIRE AND MEMORANDUM, THE TRUSTEES AND OFFICERS ALSO RECEIVE A TWO PAGE INSTRUCTIONAL DOCUMENT WHICH EXPLAINS IN SIMPLE TERMS WHAT A CONFLICT OF INTEREST IS AND WHY FULL DISCLOSURE OF A REAL OR PERCEIVED CONFLICT OF INTEREST IS IMPORTANT. THIS DOCUMENT ALSO INCLUDES A NUMBER OF RECOMMENDATIONS ON THE SUBJECT PUT FORTH BY THE MASSACHUSETTS ATTORNEY GENERAL. ONCE COMPLETED, THE QUESTIONNAIRES ARE RETURNED TO THE SECRETARY OF THE BOARD WHO MONITORS THEIR RESPONSE AND FOLLOWS UP WITH THOSE TRUSTEES AND OFFICERS WHO ARE TARDY IN COMPLETING AND RETURNING THEIR QUESTIONNAIRES. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTEE MADE UP OF FOUR UNIVERSITY TRUSTEES, THE CHAIR, THE VICE CHAIR, THE CHAIR OF THE FINANCE COMMITTEE, AND THE CHAIR OF THE STUDENT EXPERIENCE COMMITTEE ESTABLISHES THE COMPENSATION OF THE PRESIDENT OF THE UNIVERSITY ON AN ANNUAL BASIS. THE COMPENSATION COMMITTEE USES COMPARABLE DATA WHICH IS PUBLISHED ANNUALLY IN THE CHRONICLE OF HIGHER EDUCATION AND REPORTS RECEIVED FROM INDEPENDENT COMPENSATION CONSULTANTS. ADDITIONALLY THE ENTIRE BOARD CONDUCTS AN ANNUAL PERFORMANCE REVIEW OF THE PRESIDENT. OTHER OFFICERS AND KEY EMPLOYEES ARE NORMALLY REVIEWED BY THE PRESIDENT OF THE UNIVERISTY WHO MAKES AN ADJUSTMENT IN THEIR SALARY BASED ON PERFORMANCE FACTORS AND ALSO BASED ON THE CHRONICLE OF HIGHER EDUCATION. THE COMPENSATION OF THE VICE PRESIDENTS IS REVIEWED BY THE COMPENSATION COMMITTEE ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 FOR INTERESTED THIRD PARTIES, ALL OF THE UNIVERSITY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 (PUBLIC DISCLOSURE COPY) AND FINANCIAL STATEMENTS ARE AVAILABLE ON REQUEST FROM THE SECRETARY AT ASSUMPTION UNIVERSITY (500 SALISBURY STREET, WORCESTER, MA 01609) FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FOR ALL EMPLOYEES OF THE UNIVERSITY, ALL OF THE POLICIES AND PROCEDURES INCLUDING THE WHISTLEBLOWER POLICY, CONFLICT OF INTEREST POLICY AND OTHERS ARE AVAILABLE VIA OUR INTERNAL ONLINE PORTAL SYSTEM. A COPY OF THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 157,294. CHANGE IN VALUE OF BENEFICIAL INTEREST IN TRUST 363,240. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENT 251,843. CHARITABLE REMAINDER TRUST (1) CHARITABLE REMAINDER TRUST MA ASSUMPTION UNIVERSITY 0 CHARITABLE REMAINDER TRUST (1) CHARITABLE REMAINDER TRUST RI ASSUMPTION UNIVERSITY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0